According to remarks from a joint press conference on Sept. 11, the United States and Vietnam forged corporate arrangements and partnerships worth billions of dollars to expand cooperation in artificial intelligence (AI) technology and others.
US President Joe Biden stated that the move is a formal "upgrading" of the two countries' relationship and spotlights vital industries such as cloud computing, semiconductors, and artificial intelligence.
“We’re deepening our cooperation on critical and emerging technologies, particularly around building a more resilient semiconductor supply chain.”
He went on to remark that he believes the economic alliance will "spur" more commerce and investment between the two countries. He did, however, emphasize that the action is "not about containing China," but about having a "stable base" in the region.
Major industry executives from Google, Intel, Boeing, Amkor, Microsoft, and Nvidia were also present.
This is in addition to earlier agreements reached by Boeing and Amkor, which wants to establish a new manufacturing near Hanoi, Vietnam's capital city. According to a White House statement, it will begin assembling, packaging, and testing AI chips in October of this year.
According to Acclime, a regional business services supplier in Asia, Vietnam is one of the world's fastest-growing economies, ranking 34th in the world with a gross domestic product of $450 billion.